Belgian consumers lost more than €23 million to investment fraud and unlawful financial offers in the second half of 2025, according to data from the country’s Financial Services and Markets Authority (FSMA). The regulator received 1,622 consumer reports between July and December 2025, pointing to a sharp increase in both case numbers and financial impact per victim.
Fake Crypto Trading Platforms: Over €10.5M Losses
Fraudulent trading platforms accounted for the largest chunk of losses, with victims reporting more than €10.5 million in damages. These platforms often posed as legitimate crypto investment services but operated without authorization. The regulator said aggressive online advertising was the primary hook used to lure users into transferring funds quickly.
WhatsApp Stock Tip Scams: Over €9.5M Losses
A newer fraud model — exclusive stock market tips distributed via WhatsApp groups — caused nearly as much damage, with losses exceeding €9.5 million in the same period. Scams typically start with social media ads inviting users to join private WhatsApp groups promising privileged market insights. Promotions often misuse the names and logos of well-known banks or media outlets. Inside the groups, participants encounter individuals impersonating economists or financial analysts, whose identities are frequently stolen or fabricated. Victims may be drawn into fake lotteries (collecting personal data), urged to buy specific US-listed shares for coordinated price manipulation, or tricked into downloading fake crypto trading apps.
Victim Profile: Dutch-Speaking Men Aged 50–69, Average Loss €73K
The typical victim of WhatsApp-based stock tip scams is Dutch-speaking men aged 50 to 69, with an average reported loss of roughly €73,000. Several cases involved losses in the hundreds of thousands of euros. Of the 263 reports specifically about WhatsApp stock tip scams, about 60% came from consumers who had already transferred money by the time they contacted authorities.
Other Fraud Types
Recovery room scams — where fraudsters claim they can retrieve previous losses for a fee — resulted in nearly €860,000 in losses. Fraudulent alternative investment schemes accounted for more than €700,000. The FSMA noted that consumer reports have been rising steadily: 2,911 reports in 2025, up 11% from 2024, with an average annual growth of nearly 20% since 2017. Autumn 2025 saw notable spikes, linked to coordinated ad campaigns and market volatility. In response, the regulator issued warnings against 240 fraudulent entities and 316 websites in 2025; over 65% of warnings targeted fake trading platforms.